Most business owners don’t hire staff quickly enough and regret not doing so, according
to new research.
A study from payment solutions company Paymentsense found that 85 per cent of entrepreneurs felt they should have hired their first employee sooner.
Two-thirds of entrepreneurs surveyed said they should have hired three months earlier, with a further 16 per cent saying they left it six months too late.
The most common cause of hesitation was concern about management responsibility, followed by a concern for being responsible for another person’s livelihood (21 per cent).
Fear of employing the wrong person was a limiting factor for 18 per cent of respondents, while only eight per cent were put off by paying a salary early in the life of their business.
The average entrepreneur hires their first staff member after six-and-a-half months of trading, with more than a quarter making their first hire because of a new business win.
More than a fifth said they hired to bring in more sales skills, while 22 per cent wanted operational support and 19 per cent needed marketing support.